WASHINGTON, D.C. – Today, Bureau
of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney issued
the following statement in response to a bulletin from the Office of the
Comptroller of the Currency (OCC) regarding short-term, small-dollar credit:

“I applaud Comptroller Otting’s
move to encourage national banks and federal savings associations to offer
short-term, small-dollar installment loans. Millions of Americans desperately
need access to short-term, small-dollar credit. We cannot simply wish away that
need. In any market, robust competition is a win for consumers. The Bureau will
strive to expand consumer choice, and I look forward to working with the OCC
and other partners on efforts to promote access and innovation in the consumer
credit marketplace.”

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The Bureau of Consumer
Financial Protection is a 21st century agency that helps consumer finance
markets work by regularly identifying and addressing outdated, unnecessary, or
unduly burdensome regulations, by making rules more effective, by consistently
enforcing federal consumer financial law, and by empowering consumers to take more
control over their economic lives. For more information, visit consumerfinance.gov.